Stimulus, Higher Confidence Drove 18% Bump in March Retail Sales: NRF
After a “disappointing February,” March retail sales grew 18% vs. March 2020 when the U.S. economy locked down due to COVID-19, the National Retail Federation reported Thursday. Commerce Department data released Thursday showed March retail and food service sales rose…
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9.8% from February and 27.7% year on year to $619.1 billion. Consumers are “clearly feeling the full effect of additional fiscal stimulus, gains in the job market and the reopening of the economy,” said NRF CEO Matthew Shay. Despite recent issues with vaccines, consumer confidence “remains high." March data shows “people are going out and spending and that in-store traffic has picked up,” said NRF Chief Economist Jack Kleinhenz, citing economic stimulus payments, an improved public health situation due to vaccines, and seasonal spending for Passover, Easter and spring break. “Even with some stimulus money going to savings, consumers’ finances are healthy, and they are willing to spend,” said Kleinhenz. Retail sales “supported by rigorous fiscal and monetary policy continue to be a bright spot in the economy and have provided momentum during this awful pandemic,” he said. Electronics and appliance stores were up 10.5% vs. February and 29.4% year on year.